https://www.taxtmi.com/caselaws?id=384903 Land allotted for industrial use with binding restrictions on open space and limited construction was held not to fall within the taxable definition of "urban land" under the Wealth Tax Act to the extent construction was not lawfully permissible, and the portion occupied by approved factory structures was also excluded under clause (b) of the Explanation to section 2(ea). The addition based on the DVO's higher valuation was not sustained because the property had been consistently treated on the same basis and there was no material change in facts warranting a different view. The relief granted by the first appellate authority was upheld. en-us Fri, 09 Aug 2019 00:00:00 +0530 Mon, 19 Aug 2019 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384903 Land allotted for industrial use with binding restrictions on open space and limited construction was held not to fall within the taxable definition of "urban land" under the Wealth Tax Act to the extent construction was not lawfully permissible, and the portion occupied by approved factory structures was also excluded under clause (b) of the Explanation to section 2(ea). The addition based on the DVO's higher valuation was not sustained because the property had been consistently treated on the same basis and there was no material change in facts warranting a different view. The relief granted by the first appellate authority was upheld. Case-Laws Wealth-tax Fri, 09 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384903